Oil producers and consumers are meeting in Jeddah, Saudi Arabia, on Sunday, June 22, to discuss the rapid rise in oil prices. There are questions, though, about whether any real changes can come from just a one-day meeting.

“Don’t expect anything to come out of the Jeddah summit; expect a lot of hot air,” said Fadel Gheit, an oil-industry analyst with Oppenheimer & Co. “The market is definitely highly speculated—it’s a bubble, basically.”

Gheit thinks the meeting will have little impact on crude prices, since it’s in many traders’ best interests to keep oil prices going higher.

“It is the only game in town—it’s the only sector in the world financial markets that’s moving higher," Gheit added." Higher oil prices are not good for anybody except for those that sell oil or trade oil, and the price keeps going up."

Others argue there may be some announcement that comes from this meeting.

“I think they’re going to want to come out and say something,” said John Kingston, director of oil for Platts, an energy information provider. “Right now I think the most likely thing that will happen is that the Saudis will want to put a number on the decision to raise production.”

Right now oil production is currently at 9.4 million barrels per day. Kingston thinks the kingdom may announce plans to boost production to 9.7, or even 10 barrels per day to help cool prices worldwide.

Whether there is an announcement about oil or not, the meeting will give producers and consumers an opportunity to air their concerns about oil production and supply. Phil Flynn, an energy analyst at Alaron Trading said there’s plenty to discuss.

“If I’m an oil-consuming country, I’m going to want to talk to OPEC, and ask them to quit restricting supply, and I’m going to ask for more transparency--to be able to check oil fields, and see how much oil they’re producing,” said Flynn, who is also a FOX Business contributor. “But if I’m an oil-producing country, I’m going to want the consuming countries to lower the tax on oil and invest in more refining capacity.”

Oil prices have become a hot topic in recent months as U.S. consumers experience sticker shock from paying $4 a gallon for gasoline. Officials have put pressure on oil producers, such as Saudi Arabia, to increase production to help lower prices.

Since the start of the year, oil prices have spiked 38% and more than doubled from a year ago. Experts have given a myriad of reasons for the enormous rise, among them the tumbling U.S. dollar, increased demand from developing nations like China and India, the threat of lower production and fears of more violence in the Middle East.

Also, lawmakers have put pressure on regulators to investigate more nefarious reasons than simple supply and demand: manipulation of the energy markets. The Commodity Futures Trading Commission, which is in charge of overseeing futures markets where oil prices are set, has begun to investigate the merits of frequent claims that traders are inflating the price of oil.

Whatever the reason behind the upward move, it’s clear oil prices have had an impact on U.S. consumers. Consumer spending, which accounts for more than two-thirds of the nation’s economy, has pulled back in recent months amid the high energy prices and other costs. Oil prices have also cut into corporate profits. The airline industry in particular has felt the pain, as airlines like American Airlines (AMR) and United Airlines (UAUA) have cut back capacity and posted huge losses. Corporate bellwether FedEx (FDX) lowered its profit outlook earlier this week, citing high fuel costs. Retailers have also suffered as consumers have spent money on clothes and discretionary items to save on the new fuel costs.